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FOREX Technical Analysis: EURUSD Holds Fibonacci Support

FOREX Technical Analysis: EURUSD Holds Fibonacci Support

Jamie Saettele, CMT, Sr. Technical Strategist


eliottWaves_eur-usd_body_eurusd.png, FOREX Technical Analysis: EURUSD Holds Fibonacci Support

Chart Prepared by Jamie Saettele, CMT

FOREX Observations: The EURUSD dipped below short term Fibonacci support Wednesday before rallying and closing near daily highs. The case can be made for impulsive or corrective interpretation of the decline from 13139…so no help there. Taking into account the fact that the October low occurred on day 1 of the month, outcomes to consider from the September high are for completion of a triangle and thrust to a new high and/or an ending diagonal from 12803. In both cases, price heads to new highs while remaining above 12803.

FOREX Trading Strategy Implications: Allowing for a dip below 12920, market risk is higher against 12802.

LEVELS: 12824 12887 12920 13003 13055 13119

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.